Customer Success Story
Revolutionizing Collections Excellence: A Collaborative Journey with TSI
The Challenge
Despite its global presence and respected reputation, the financial institution encountered several challenges within its collections services division. The primary challenges comprised:
- Enhancing Capabilities: There was a pressing need to enhance collections capabilities to ensure efficient recovery processes across diverse geographies and customer segments.
- Improving Agility: The collections industry’s ever-evolving nature demanded quick adaptation to changing regulations, customer behaviors, and market dynamics.
- Boosting Profitability: Concerns about profitability emerged due to operational costs associated with collections. The institution aimed to improve collections profitability while maintaining ethical and customer-centric practices.
- Strengthening Competitive Positioning: In the fiercely competitive global collections market, the institution sought to fortify its competitive value and positioning amidst evolving customer expectations.
The Solution
In collaboration with TSI, the financial institution embarked on a comprehensive transformation journey to address these challenges. Several strategic solutions were implemented:
- Performance Ratings: The institution introduced performance ratings, including the prestigious G1 rating, to assess and recognize excellence within its collections locations. Notably, the first-party collections locations in India achieved the first G1 rating, signifying exceptional performance.
- TSI Legal Collections: TSI Legal collections also achieved a G1 rating, underscoring their effectiveness in managing legal collections processes.
- Consistent Ranking: TSI consistently maintained top rankings across primary, secondary, and tertiary charge-off portfolios, illustrating their consistent delivery of results.
- Improved Scoring Methodology: The institution, in partnership with TSI, implemented changes in its scoring methodology, resulting in more accurate assessments of customer creditworthiness and collection potential.
- Higher Collections Results: The updated scoring methodology led to higher collections results, demonstrating the effectiveness of this approach in recovering outstanding debts.
The Results
The collaborative transformation efforts yielded tangible results:
- Improved Collections Performance: The institution experienced a substantial improvement in collections performance, exemplified by TSI’s sustained top-ranking position in primary lending roll rate files.
- Enhanced Profitability: The improvements in collections performance and methodology positively impacted profitability, enabling the institution to optimize collections processes while reducing operational costs.
- Strengthened Competitive Positioning: The financial institution, in partnership with TSI, successfully reinforced its competitive positioning within the collections industry. This was achieved through a relentless focus on excellence, customer-centric practices, and adaptability to changing market dynamics.
- Acknowledged Excellence: The attainment of G1 ratings for collections locations and TSI Legal collections served as external validation of the financial institution’s unwavering commitment to excellence.
Customer Experience/Care Management
Inbound & Outbound Voice
CX & Care Programs
Back-Office Functions
Performance Analytics
Flexible Global Staffing
Business Process Outsourcing
Data Input
Document Processing
Verfication & Validation
Exception Processing
QA Monitoring & Reporting
Business Analytics & Modeling
First Party ARM
1st Party Collections
Pre-Charge Off Program Support
Inbound & Outbound
Early Stage / Care Based
Brand Protection
IT Adaptability / Flexibility
third Party Debt Collection
Post Charge-Off
Primary & Secondary
Late-Stage Recovery
Innovative Technology & Approach
Propensity to Pay Analytics
